Business
CGREAG sells retail park in Plagwitzer Höfe quarter in Leipzig
CGREAG sells retail park in Plagwitzer Höfe quarter in
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EQS-News: CGRE AG / Key word(s): Disposal/Real Estate CGREAG sells retail park in Plagwitzer Höfe quarter in Leipzig 20.05.2025 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement.Press ReleaseCGREAG sells retail park in Plagwitzer Höfe quarter in Leipzig Leipzig, May 20, 2025 - CGREAG, a publicly listed real estate platform, operating nationwide in Germany has sold a retail park, which is part of the Plagwitzer Höfe quarter development in Leipzig, to REWE Group. Since 2007a great number of new and old buildings have been developed, modernized and renovated in the commercially contiguous areas. The food retail market was newly erected in 2016 and complements the historic portfolio. Overall, the area sold represents around 20 percent of the company’s total rental space in the district. The commercial unit consisting of a full-range retailer, discount retail stores, a beverage market and a hardware store has now been divested. The purchase price will be used on a pro rata basis to repay project-related loan positions, thus building up additional liquidity in this currently highly dynamic investment environment. CGREAG executive Board member Jürgen Kutz emphasizes: "The successful sale in a difficult market environment underlines our focus towards the newly implemented business model. Our strategy includes the completion of project developments and their placement with institutional investors and market participants".Ronald Pofalla, executive Board speaker of CGREAG, emphasizes: “The careful implementation and completion of construction measures for high-quality retail and specialist stores enable sustainable and stable sales returns”. CGREAG took over the urban quarter at the beginning of last year and, as part of the strategic portfolio adjustment, partially sold a total rental area of around 19,000 m² through an asset deal. The acquiring party, REWE Group, has been based in the quarter since 2016 and is thus further expanding its long-term commitment to the location. The parties have agreed not to disclose the purchase price. CGREAG was advised on legal matters by Michael Schmidt and on tax matters by Antje Dominiak with the support of Richard Preuß from ADO Advisory. The transaction was brokered by Lars Kuchenbuch of IKP Real Estate Group. About CGRE AG CGREAG is a real estate company based in Leipzig, listed...